Eleven gold coins, weighing one troy ounce each, have sold at auction for a total of just under £46,000.

The high prices achieved were due to the rarity of the coins. They are the first new coins made from Scottish gold to be sold in decades and were created to raise funds towards a new gold mining operation in the Highlands.

Scotgold Resources is aiming to begin mining Scottish gold at Cononish beside Loch Lomond. Its plans have been delayed for a number of years and the site was mothballed in 2007. Although the project received backing from Australian investors, the site was also subject to environmental and landscape assessments before permission for mining was granted.

Profits from the sale of the limited edition coins will be used for further investment in the mine. The coins each feature a stag’s head and the most expensive went under the hammer for £21,003.

It was one of two bought by Scotgold shareholder Graham Donaldson, who is originally from near Glasgow but now lives in Dorset.

He told The Guardian: “As to what I would do with it now, I would probably look at it and stroke it, and put it in a safe.”

Scotgold has big plans for its mine, aiming to tap into niche demand from jewellers for Scottish gold for wedding and engagement rings. The site is also located in a popular tourist area and the company is planning to open a visitors’ centre, where people will be able to buy gold produced by the mine.

Mr Donaldson is already planning to renew his and his wife’s wedding rings and commission a new engagement ring made from Scottish gold when the mine is operational.

Like the gold coins, the rarity of jewellery made from Scottish gold means that the bullion produced at the site will attract premium prices.